MARQUETTE, MI – (Great Lakes Radio News) – The Michigan Legislature has approved a package of bills designed to assist U.P. mining companies with potential job creation and become financially stronger while encouraging economic development in the region.
The bills, introduced by 110th District State Representative Matt Huuki, place a 2.75 percent severance tax on gross mineral value on specified non-ferrous metallic minerals such as copper and nickel. The tax replaces a series of corporate taxes that mining companies currently pay.
The bills allow 65 percent of the revenue from the severance tax to be retained by counties, townships, school districts and the school aid fund. The remaining 35 percent would go into a rural development fund to support long-term regional economic opportunities.
The bills were approved by the Senate yesterday and by the House early this morning, and are off to the governor for his consideration.
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